Preheat your oven to 180° C (350° F). Grease a bundt pan with butter or cooking spray.
Add the butter and sugar to a mixing bowl and beat with an electric mixer until creamy.
In a separate mixing bowl, add the flour and baking powder, whisk together.
Slowly mix in flour mixture and milk into the butter mixture, alternating between flour and milk, until combined.
Mix in the vanilla, water, food coloring, almond extract, and diced cherries.
In another mixing bowl, beat egg whites until they form soft peaks.
Gently fold egg whites into the batter.
Pour batter into the bundt pan and spread out evenly.
Bake for 50 minutes. Remove from oven and place on a wire rack for 10-15 minutes.
Roll out cake and place on the rack to cool completely.